PHOENIX, June 13, 2019 /PRNewswire/ -- BNY Mellon's
Pershing ("Pershing") today announced significant enhancements to
its technology consulting capabilities, which include the launch of
a new assessment tool to help advisory firms pinpoint their
technology needs, identify the right technology stack and drive
better returns on technology investments.
"Technology decisions are becoming increasingly complex and
consequential," said Christina
Townsend, head of Advisor Solutions platform strategy at BNY
Mellon's Pershing. "Our response is—and has always been—that
technology is a means to an end. It needs to be viewed within the
context of business and client experience goals to deliver the best
value. By developing a holistic technology consulting process and
enhancing our consulting capabilities with analytics tools, we are
doubling down on our commitment to help clients drive increased
value from technology."
Pershing's advisory assets reached $665
billion at the end of the first quarter of 2019, marking
eight percent year-over-year growth. As advisory firms look to
maintain momentum and capitalize on new opportunities in the
market, they are turning to technology to help drive scale. In a
recent poll conducted at Pershing's 2019 Elite Advisor Summit, 80
percent of advisory firms said they are planning to increase
technology investments in 2019 and 62 percent said they are
prioritizing technology integration as the top focus for
investments.
"Advisory firms are finding it more and more challenging to
identify the right technology stack," added Townsend. "Our expanded
consulting capabilities are designed to help clients focus on those
investments that will have the biggest impact on business."
A Unique Approach to Technology Implementation
Pershing's technology consulting process, which is based on
Pershing's broader business consulting services, begins with an
in-depth review of a firm's strategic vision to ensure that the
Pershing team sets a clearly defined goal that is aligned with the
client's objectives. The team then reviews the client's operational
and administrative environment to understand how things operate
before making recommendations. Finally, the team reviews available
market solutions for a strategic fit with the client's business
objectives and operating environment—with the ultimate goal of
making measurable recommendations.
"My team will not take a technology-first conversation,"
continued Townsend. "When engaging with a firm, we take stock of
the entire ecosystem. We then apply our knowledge of the market to
the client firm's vision and environment. This allows us to come up
with recommendations best suited to the client's needs and most
likely to yield results."
A Brand New Tool to Assess Technology Needs
Pershing also announced today the launch of its Tech Assessment
Tool—powered by ActiFi—which helps advisory firms navigate the
crowded software market and identify the best tools and platforms
for their businesses.
The Tech Assessment Tool gathers information about an advisory
firm's technology needs and generates a report containing
recommendations for software solutions. The report compares
solutions in terms of cost, implementation, integrations, data
management, special features, ease of use and other factors. It
also includes in-depth profiles of vendors, guidance for creating a
Request for Proposal (RFP), and recommendations for
implementation.
The Tech Assessment Tool will be leveraged by Pershing's growing
team of technology consultants who work side-by-side with advisory
firms with the sole focus of helping clients achieve their digital
transformation goals.
"The Tech Assessment Tool will add a new dimension to our
conversations with clients by quantifying the value of a technology
investment before implementation takes place," added Townsend. "And
regardless of whether the best solution for the client is Pershing
technology or a third-party solution, our consultants are here to
help clients with all their technology decisions and see them
through the entire implementation process."
Pershing's technology consultation services are an extension of
its business consulting services and the Tech Assessment Tool is
based on the award-winning Business Metrics and Assessment
Tool.
By partnering with a Pershing technology consultant, clients
receive one-on-one guidance throughout the procurement process—from
business evaluation and RFP writing to software selection and
implementation. This unique service ensures that the client invests
in technology that fits their needs.
About BNY Mellon's Pershing
BNY Mellon's Pershing and
its affiliates provide a comprehensive network of global financial
business solutions to advisors, broker-dealers, family offices,
hedge fund and '40 Act fund managers, registered investment advisor
firms and wealth managers. Many of the world's most sophisticated
and successful financial services firms rely on Pershing for
clearing and custody; investment, wealth and retirement solutions;
technology and enterprise data management; trading services; prime
brokerage and business consulting. Pershing helps clients improve
profitability and drive growth, create capacity and efficiency,
attract and retain talent, and manage risk and regulation. With a
network of offices worldwide, Pershing provides
business-to-business solutions to clients representing
approximately 7 million investor accounts globally. Pershing LLC
(member FINRA, NYSE, SIPC) is a BNY Mellon company. Additional
information is available on pershing.com, or follow us on Twitter
@Pershing.
About BNY Mellon
BNY Mellon is a global investments
company dedicated to helping its clients manage and service their
financial assets throughout the investment lifecycle. Whether
providing financial services for institutions, corporations or
individual investors, BNY Mellon delivers informed investment
management and investment services in 35 countries. As of
March 31, 2019, BNY Mellon had
$34.5 trillion in assets under
custody and/or administration, and $1.8
trillion in assets under management. BNY Mellon can act as a
single point of contact for clients looking to create, trade, hold,
manage, service, distribute or restructure investments. BNY Mellon
is the corporate brand of The Bank of New York Mellon Corporation
(NYSE: BK). Additional information is available on
www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our
newsroom at www.bnymellon.com/newsroom for the latest company
news.
Sanuber Grohe
+1 201 413 2247
sanuberbilguvar.grohe@pershing.com
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SOURCE BNY Mellon